Budget 2010: "1Malaysia, Together We Prosper"

Discussion in 'Lounge' started by Dashken, Oct 26, 2009.

  1. Dashken

    Dashken Administrator!

    Hmm... why no comment @ techarp. :D

    I'm wondering... how many credit cards do you guys have? RM50 for each card... gone case man... :doh:

    Direct Access - Visa & Master (RM100)
    HSBC - Visa (RM50)
    Maybank - Visa & Amex (RM100)

    Oh God... RM250 per year??? :faint: :faint: :faint:

  2. zy

    zy zynine.com Staff Member

    WTF? I rather have a foreign credit card this way ;p
  3. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Sorry, been busy... :(

    Sigh.. The RM 50 tax / charge on credit card is going to force many people to throw away most of their cards. I'm sure many people have multiple cards because each offers cash-back rebates or discounts only for certain companies/services.

    I have 8 credit cards myself, but I never buy things with my cards unless I'm sure I can fully pay up at the end of the month. However, those who have a habit of overspending are unlikely to stop overspending even if they only have ONE credit card. So the RM 50 charge per card is really just a new revenue source for the government.

    Just imagine... There are 11 million credit card holders in Malaysia. That's over half a BILLION ringgit (US$ 170 million) in extra revenue. If I keep all 8 credit cards, I would have to pay RM 400 every year! :wall:

    On top of that, the government has just slapped a tax of RM 10,000 on all open APs. That means all imported cars (including Toyotas from Thailand, and reconditioned cars from Japan) will now cost RM 10,000 more than before!

    And for property investors, our beloved government has brought back the Real Property Gain Tax (RPGT). Earlier, there were reports that it would be as high as 30% (according to the Finance Bill) but now they have "clarified" that they would issue a special order to limit it to "just 5%".

    Unfortunately, the 5% tax applies even to ALL properties irrespective of how long you've had them. In the past, there is NO gain tax after 5 years. From next year onwards though, even a house that has been in your possession for the last 20 years will incur the 5% gain tax.
  4. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Ahh.. Now the bugger admits it's because the government needs the cash!!! :mad: :mad: :mad:

    Funny, didn't our "most esteemed" Prime Minister claim earlier that the move to charge RM 50 per credit card was to promote prudent spending??? :roll:

    Good of him to finally admit that it's just a way for the government to squeeze more money from the people. :roll:

    BTW, I was just speaking to a financial consultant. He claims that the government is considering reinstating the ORIGINAL real property gain tax of up to 30% if the government's finances deteriorate. However, I believe they will only do this AFTER the next general elections in 2011/2012. To do that now would be political suicide.
  5. Brian

    Brian Newbie

    Good lah, they can't mask the money leaking out through corruption and our inefficient civil service anymore using the oil money. The more the taxation burden increases the more likely BN's going to get screwed if they don't change their ways.
  6. zy

    zy zynine.com Staff Member

    They should cut freaking cut their goverment spendings and trace where the hell the money went instead of stealing money from the citizens.
  7. Brian

    Brian Newbie

    Not sure if I'm reading you right, but they could start by 'not stealing money from the citizens'? ;)
  8. zy

    zy zynine.com Staff Member

    maybe i should put the word "more" :think:
  9. Chai

    Chai Administrator Staff Member

    Most likely, they know where has the 'spending gone to, but reluctant to give up.
  10. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Year in, year out, corrupt folks in our government spend our tax dollars like there's no tomorrow.

    RM 43,320 (US$ 13K) for retired models of Acer notebooks???? :nuts:

    And what is the government doing? :roll:

    Instead of firing the bastards, they are trying to eke more money out of us.

    Instead of reducing the taxes for the poor and middle class, they cut tax for the TOP TIER for the second time in a row!!! Talk about a lack of common sense! :doh:
  11. karhoe

    karhoe Newbie

    They are cutting the tax rate at 1% a year, because they want to implement GST already....
  12. zy

    zy zynine.com Staff Member

    They want antique notebooks as collection :nuts:
  13. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Yes, they want to implement GST, but GST impacts the poor much more than the rich since it basically targets those who do not normally pay income tax. However, they are reducing the tax level of the RICH, instead of the poor or middle class.

    If you paid a tax rate of 10% this year, you will pay the same next year (ignoring other considerations since we are talking just about tax rates). On the other hand, rich folks will save an additional 1%.
  14. The_YongGrand

    The_YongGrand Just Started

    Heard that the bunch of screwdriver sets are sold 100x more expensive than the original price! Even those books and stuff sold are inflated in price! What are they trying to do? :faint: :wall:
  15. Chai

    Chai Administrator Staff Member

    Very simple, keep more gold in pocket. :haha:
  16. Adrian Wong

    Adrian Wong Da Boss Staff Member

    They need to hoard up a lot of cash for the next general elections. They will have to SPEND, SPEND, SPEND to make sure they stay in power.
  17. Brian

    Brian Newbie

    Because they're the exact same people that tend to migrate wholesale to other countries to reduce their tax burden. Unfortunately, the rich are the most mobile people worldwide, like it or not, and I guess the calculation Najib's making is that we're better off with them spending their cash in Malaysia, than scaring them off by having a high taxation rate for the highest income earners.

    Sure, what is 1% to someone earning so much, but it seems this kind of thinking is pervasive everywhere. If you want to blame anyone, try neoliberal economics.
  18. Adrian Wong

    Adrian Wong Da Boss Staff Member

    It's not so much about how much 1% is to the rich, but rather, if the new Budget is indeed a caring budget that addresses the need of the common people, then a 1% reduction in the TOP tax rate is hardly the right move.
  19. Brian

    Brian Newbie

    Hardly the right move in terms of public relations, but in terms of government revenues it might be beneficial overall which might help everyone in the end don't you think?
  20. Adrian Wong

    Adrian Wong Da Boss Staff Member

    With all that corruption and leakage? No way. LOL! :D

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